NewsWhore
04-06-2010, 03:40 PM
Does Venezuela have the cash to make the necessary investments in the Dominican Petroleum Refinery? A blog on an online Venezuelan news site, "PDVSA: Big Plans, No Cash" comments on the fragile economic situation of the Venezuelan state petroleum company PDVSA that will be purchasing the refinery.
The blog reports that Petrobras officials in Brazil say that to date PDVSA has not paid $300 million that it owes as part of a joint venture agreement to take a 40% stake of the Abreu de Lima refinery. "PDVSA also hasn't made a move yet to take on its 40% share of the 9 billion Reais debt on the refinery project. Why? PDVSA doesn't have the cash".
Furthermore, it indicates that PDVSA's debts are also impressive. "The company's direct financial debt climbed to over $21 billion in 2009 from $15 billion at end-2008. Moreover, PDVSA owes $8 billion worth of oil shipments to China, not including any new debt acquired if the joint fund is increased to $20 billion. PDVSA also owes 76 expropriated services companies about $3 billion, by some estimates. PDVSA also is in international arbitration proceedings with Exxon and Conoco, which together reportedly are pressing compensation claims of at least $20 billion against PDVSA".
http://caracasgringo.wordpress.com/2010/03/09/pdvsa-big-plans-no-cash/
More... (http://www.dr1.com/index.html#2)
The blog reports that Petrobras officials in Brazil say that to date PDVSA has not paid $300 million that it owes as part of a joint venture agreement to take a 40% stake of the Abreu de Lima refinery. "PDVSA also hasn't made a move yet to take on its 40% share of the 9 billion Reais debt on the refinery project. Why? PDVSA doesn't have the cash".
Furthermore, it indicates that PDVSA's debts are also impressive. "The company's direct financial debt climbed to over $21 billion in 2009 from $15 billion at end-2008. Moreover, PDVSA owes $8 billion worth of oil shipments to China, not including any new debt acquired if the joint fund is increased to $20 billion. PDVSA also owes 76 expropriated services companies about $3 billion, by some estimates. PDVSA also is in international arbitration proceedings with Exxon and Conoco, which together reportedly are pressing compensation claims of at least $20 billion against PDVSA".
http://caracasgringo.wordpress.com/2010/03/09/pdvsa-big-plans-no-cash/
More... (http://www.dr1.com/index.html#2)